PropertyFox Neighbourhood Insights – July 2018
We look back and share our insights of what the month of July brought in terms of property.
Ready and Steady
Viewings remained steady month on month for July (June and July equaled the same total of viewings). Across the board, the market is going through a very slow period, often referred to as a ‘Buyers Market’, meaning there is more supply than demand as there are more homes for sale than there are actual buyers.
Suburbs outside major metros (both in Gauteng and Western Cape) saw a decrease in activity for July. In Gauteng, the Sandton and Midrand area remain steady however, when properties are priced right in these areas they tend to sell faster. Properties in these areas tend to be priced too high and as a result remain without viewings and unsold longer, especially given current economic and industry conditions. Properties in Cape Town, specifically within 20 minutes of the City Centre and priced correctly, consistently have interest and offers.
There also seems to be an even split of offers across Gauteng and Western Cape, however 116% more offers were accepted in the Western Cape.
Our top areas where viewings were scheduled in the month of July were all found in various parts of Cape Town and two in Gauteng; Cape Town’s Southern Suburbs (Rondebosch, Plumstead, Wynberg and Claremont), Muizenberg (Cape Town’s Southern Peninsula) and Edenvale and Sunninghill (Gauteng).
In Other News
Winter naturally sees less viewings and less sales across the industry. It must also be noted that despite the current market conditions PropertyFox continued to notice the importance of listing at the right price, as those homes that listed within 107% of Fox Price in the month of July sold within 9.25 days on average (nationwide). This is substantially lower than the national average of 16.4 weeks according to the FNB Area Report for last quarter.